ZURICH (Reuters) - Credit Suisse’s CSGN.VX Private Banking head Walter Berchtold said the bank is on the look out for acquisitions, but would not comment on whether this included a bid for private banking assets of ING ING.AS.
“We look at all sorts of targets, whether we looked at ING or some others I cannot comment here. But we are clearly ready to acquire if the target is close to our compliance, to our business model,” Berchtold said on Wednesday.
Final bids for ING’s Swiss and Asian private banking assets, expected to raise in the region of $1 billion, are due on Thursday, but the pool of interested parties has shrunk from half a dozen or more to just two serious bidders.
Switzerland’s Julius Baer BAER.VX could bid for both units, while Singapore’s DBS Group (DBSM.SI) is eyeing only the Asian unit, sources with knowledge of the deal told Reuters.
Julius Baer CEO Boris Collardi said Baer was not “desperately looking” at buys and the bank would consider acquisitions at the right price in a six- to 12-month window.
Reporting by Lisa Jucca; Writing by Jason Rhodes; Editing by David Holmes